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BofA: China's Reopening Potentially Least Priced In AUD

AUD

Bank of America write “AUD has been the worst performing G10 currency over the past month, driven by a combination of risk-off sentiment, dovish RBA and positioning. The trade-weighted AUD index is now trading close to October 2022 lows. This represents attractive levels to enter AUD longs in our view - the short-term risks of RBA pausing and global risk-off are close to well-priced in but the medium-term upside from China's recovery is not. Realization of Australia's export recovery may have lagged the initial hope but signs of green shoots in China's property sector and outbound travel bode well.”

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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